Many forigner rent house in Seoul and they may think about purchasing the property that they are living or other property.
However, it is hard to get a information how to purchase it.
Rent in Seoul is simple because all realty considers that a forigner may look for the house for rent but they dd not cocnsider that they would like to buy it. That is why the information is not much on the web.
Sale's process (it is normal process and can be changed)
The first step is Viewing by potential buyer
Buyer and seller agrees on a price and buyer decide to buy the property
-a buyer and a seller makes a legal contract with special agreement and the schedule of payment in registered agent (witness).
A deposit of 5% or 10% of the purchase price is made to the seller. Seller must stop advertising the property.
If the buyer decides not to go ahead the purchase, they will forfeit the deposit to the seller. Also if the seller decides not to go ahead the sell, the seller shall pay the doulble amount of the deposit to the buyer.
The property will also not be "reserved" but also free for others to purchase
Within 2 weeks from day1
If the buyer decide to proceed with the transaction, they will transfer the mid-term payment scheduled by the legal contract.
-A mid-term deposit of 20% or 40% (Maximum is usually less than 50% inculding the initial deposit) will be transferred to seller followed schedule on the contract.
After paid the mid-term deposit, both parties cannot brake the contract.
Within 4weeks from day1
The buyer will pay rest of a balance and completion of sales.
-If the sale is not completed by the scheduled on the contract, the buyer may be liable for late completion interest to the seller by the real estate law.
When the property is ready to be transferred, the seller will gove vacant possession of it to the buyer.
The buyer should then carefully inspect the propety to ensure that it is free from defects. If any are discovered, they should be reported to the seller for rectification.
When everything is in order, the buyer will receive a certificate of title as well as the keys to the property from the seller in exchange for the payment of the remaining balance of agreed price.
The seller's lawyer will also hand over the transfer documents, with the details of the change in ownership of the property, to the buyer's lawyer to apply for a certificate of title.
Within 60days from day1
Reporting the transaction.
-The buyer, the seller or the registed agent shall report the sale transaction to the competent authority.